Wyoming spent seven years legislating itself into the center of US crypto law. Its Special Purpose Depository Institution charter (2019) created a bank built for digital asset custody with 100% reserve requirements; its property-law statutes classified digital assets and secured their treatment under commercial law; the 2021 DAO LLC law and the 2024 Decentralized Unincorporated Nonprofit Association Act gave decentralized organizations working legal wrappers used far beyond the state; and dozens of companion acts cover everything from utility tokens to private keys, which courts may not compel disclosure of except in narrow circumstances.
The 2023 Stable Token Act produced the Frontier Stable Token (FRNT), the first stablecoin issued by a US state. The Wyoming Stable Token Commission deployed it on public chains in August 2025 and opened it to public purchase through Kraken on January 7, 2026; it is fully backed by cash and Treasuries, with earnings directed to the state school foundation program. The 2026 session added a crypto kiosk licensing law and SPDI charter updates, and in March 2026 the Kansas City Fed granted a master account to Kraken Financial, a Wyoming SPDI. Wyoming's regime is permissive by design, but it is a real regime: chartered institutions face examination by the Division of Banking, and the state's framework has repeatedly supplied templates for federal debate, from crypto-native bank access to Fed accounts through DAO liability.
The instruments
Special Purpose Depository Institutions Act
Charters full-reserve depository institutions serving digital asset businesses: custody with bailment treatment, no lending of customer deposits, and Division of Banking supervision; the model for crypto-native banking arguments nationally.
DAO LLC law and DUNA
Recognizes DAOs as limited liability companies with member-managed or algorithmically managed governance, and (via the DUNA) as nonprofit associations able to contract, hold assets, and appear in court while remaining decentralized.
Wyoming Stable Token Act and FRNT
Authorizes the Stable Token Commission to issue a fully backed, dollar-redeemable state stablecoin. The Frontier Stable Token (FRNT) was deployed on multiple public chains in August 2025 and opened to public purchase in January 2026, with reserves in cash and Treasuries and earnings directed to the state school foundation program; 2026 amendments set the trust reserve at 100% plus a separate liquidity account.